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BMW Leasing in California

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Regular Contributor

BMW Leasing in California

Hey everyone

 

Wondering if anyone with experience can give me advice.

 

I'm looking at BMW for a 1st time lease. My credit scores for EXP, TU, and EQ are 655, 804, and 674, respectively. My Exp Fico Auto 8 (675) and Exp Fico Auto 2 (720).

 

I live in California. My TU report just got clean and has 0 negatives whereas my EXP and EQ still have about 5 negatives remaining (all coming off 6 months from now), and both with a hx of car repo (6yrs ago)

 

My question is, per BMW leasing, will I be able to ask them to check my TU report only? Does TU have its own auto score? Please me know how  best to proceed over the next 2 weeks?

 

Income: $200K


Thanks in advance.

 

P.S.: Any advice re, the above, but with Mercedes Benz lease?

PS, PS,: Thanks again!

8 REPLIES 8
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Super Contributor

Re: BMW Leasing in California

On my lease last month the dealer hit all 3 and BMW financial hit EX. I think EX is pretty common for BMW, may not be a way around it. When I asked what CRA to have thawed, I was told to make sure all of them were. Good luck!
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
$25k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 2 of 9
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Established Contributor

Re: BMW Leasing in California

@yreva22BMW pulled EX for me also and I live in VA. See if you can get an EE for the account to get them removed.

Message 3 of 9
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Valued Contributor

Re: BMW Leasing in California


@yreva22 wrote:

Hey everyone

 

Wondering if anyone with experience can give me advice.

 

I'm looking at BMW for a 1st time lease. My credit scores for EXP, TU, and EQ are 655, 804, and 674, respectively. My Exp Fico Auto 8 (675) and Exp Fico Auto 2 (720).

 

I live in California. My TU report just got clean and has 0 negatives whereas my EXP and EQ still have about 5 negatives remaining (all coming off 6 months from now), and both with a hx of car repo (6yrs ago)

 

My question is, per BMW leasing, will I be able to ask them to check my TU report only? Does TU have its own auto score? Please me know how  best to proceed over the next 2 weeks?

 

Income: $200K


Thanks in advance.

 

P.S.: Any advice re, the above, but with Mercedes Benz lease?

PS, PS,: Thanks again!


Why don't you check and see if you can lease outside of the dealer? Try PenFed. I would try to find a lender that uses EQ scores.

Message 4 of 9
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Community Leader
Super Contributor

Re: BMW Leasing in California

No experience with BMW or Benz, but when I went through LFS, they required all 3 bureaus unlocked and chose to use the highest score. Maybe ask if that will be the case for them, or if you can request a specific bureau and give the reason.







Message 5 of 9
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Super Contributor

Re: BMW Leasing in California


@randomguy1 wrote:

@yreva22 wrote:

Hey everyone

 

Wondering if anyone with experience can give me advice.

 

I'm looking at BMW for a 1st time lease. My credit scores for EXP, TU, and EQ are 655, 804, and 674, respectively. My Exp Fico Auto 8 (675) and Exp Fico Auto 2 (720).

 

I live in California. My TU report just got clean and has 0 negatives whereas my EXP and EQ still have about 5 negatives remaining (all coming off 6 months from now), and both with a hx of car repo (6yrs ago)

 

My question is, per BMW leasing, will I be able to ask them to check my TU report only? Does TU have its own auto score? Please me know how  best to proceed over the next 2 weeks?

 

Income: $200K


Thanks in advance.

 

P.S.: Any advice re, the above, but with Mercedes Benz lease?

PS, PS,: Thanks again!


Why don't you check and see if you can lease outside of the dealer? Try PenFed. I would try to find a lender that uses EQ scores.


I'm not 100% sure what you mean here by "lease outside of dealer". If referencing the payment saver product from PenFed, this is not like a lease at all IMO. You would also lose out on any dealer incentives if you don't use BMWFS

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2019
750 TU FICO 12/2019
743 EX FICO 12/2019
$25k NFCU Platinum | $30k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold
Message 6 of 9
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Regular Contributor

Re: BMW Leasing in California

I am on my second Mercedes Benz GLE350 lease and both times they have only pulled TU. I am in Oregon and work at a Mercedes Benz Dealership. 

AMEX PRG(NPSL) // AMEX BCE($1K) // AMEX HILTON($1K) // AMEX DELTA GOLD($6K) // US BANK CASH + (2K) // COSTCO CITI($6.5K) // NCFU CASH REWARDS ($2.6K) // BARCLAYS REWARDS ($7.5K) // CHASE SW($2.7K) // BOFA ALASKA ($6.7K) // CAP ONE QUICKSILVER($750) // FIRESTONE($1.2K) // KOHLS($750) // PAYPAL CREDIT ($2,75K) // NORDSTROM ($1K)







FICO 08 SCORES-TU-721 EQ-645 EX-713

TOTAL CREDIT LINE= $35,000
Message 7 of 9
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New Member

Re: BMW Leasing in California

We're on our third BMW lease and each time BMW Financial Services has pulled Experian. Not sure where their approval score requirements begin, but per the finance manager their "Super Elite" tier (AKA tier 1) credit is 740+.

You have solid income. Assuming you have a relatively low DTI I'm sure they'll work with you. Also, be forewarned: you'll never want to drive anything else Smiley Wink

Message 8 of 9
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Regular Contributor

Re: BMW Leasing in California

You'll be auto approved for bmw lease, I believe it's Experian.. bmw's are easier to lease then a Toyota lol 

Message 9 of 9
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